One of the many reasons that people choose not to file for bankruptcy, even if it would benefit them greatly, is the perceived stigma associated with it. This is truly unfortunate as it prevents individuals from seeking out the best option to address financial troubles. You may be worried that if you decide to declare bankruptcy, your records will be visible to all. Although you would probably prefer to keep your bankruptcy filing private, the reality is that the records are indeed public. … [Read more...]
Archives for February 2016
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Can I Qualify for Chapter 7 Bankruptcy?
You may be facing financial difficulties and wondering if you are eligible to file for a Chapter 7 bankruptcy to eliminate your debt. To figure out if you may be eligible, you can start by determining your monthly income and comparing that to the median family income in your state for the same size household. If your income does not exceed the state median income, you may be able to file for Chapter 7 bankruptcy. To calculate your 'current monthly income', you will use your average monthly … [Read more...]
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What is Secured Debt in Bankruptcy?
A debt is considered secure when it is tied to a specific item of property, called collateral, that guarantees the payment of the debt. Common examples of secured debts are car loans and mortgages, where the house or automobile serve as collateral for the debt. Secured debts may also include home equity loans or HELOC's, loans for a range of vehicles beyond cars from boats or tractors to RVs, loans for business equipment, machines or inventory and even store charges made with a credit card that … [Read more...]
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341 Bankruptcy Hearing…What to Expect
Shortly after you file your bankruptcy papers you will receive a notice of the date of your meeting of creditors, also called a 341 hearing. This meeting is where you meet with the trustee assigned to your bankruptcy case. The trustee is responsible for administering your bankruptcy estate and their job is to make sure that your creditors get paid as much as possible. In order to do this, the trustee wants to ensure the accuracy of your documents and your reported income. In this … [Read more...]
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